INFORMATIVE TOPICS

Thursday, April 7, 2011

AYALA CORP. bonds worth P26 billion have secured the top rating from a local credit rater which cited the conglomerate’s diversified and self-sustaining investments portfolio.

“Ayala Corp.’s proposed multiple put corporate bonds of up to P6 billion, with an over-subscription option of up to an additional P4 billion and due in 2021, obtained the highest issue credit rating of PRS Aaa,” Philippine Rating Services Corp. (PhilRatings) said in a statement yesterday.

“Furthermore, the ratings for the company’s existing P6-billion bonds maturing in 2012, as well as the P10-billion putable bonds maturing in 2017, were likewise maintained at PRS Aaa,” it added.

Late in March, Ayala Corp. filed for approval with the Securities and Exchange Commission for the sale of as much as P10-billion putable bonds in May.

MAYNILAD WATER Services, Inc. expects to serve more customers after completing work on a P680-million pumping station and reservoir in Parañaque, it said in a statement yesterday.

The reservoir will service over 64,000 customers in Parañaque, Las Piñas, Cavite City and five municipalities in Cavite.

“Our new pumping station and reservoir is a critical component of Maynilad’s long-term plan to provide reliable and affordable water services to our customers,” Maynilad President and Chief Executive Victorico P. Vargas said.

“The facility will help us distribute to our customers living in the South,” Mr. Vargas said.

The reservoir will provide 300 million liters per day to customers in Parañaque, Las Piñas and Cavite.

CEBU CITY -- Diversified conglomerate San Miguel Corp. is expected to announce today the terms of a P250-billion share sale and bond issuance in line with plans to spend for infrastructure and telecommunication projects, officials said.

Aurora T. Calderon, senior vice-president, said they were still waiting for the market situation report from their foreign underwriters -- Goldman Sachs, Credit Suisse, Standard Chartered and Deutsche Bank.

The report is expected to be presented to the management before this week is over.
“It (secondary offering) has not been decided. What was approved was for us to consider an offering. We will make a decision within this week and announce the terms by Friday night,” she said in an interview after an investors’ briefing here Wednesday evening.

Another investors’ briefing will be held in Manila on Monday.

Its board had announced this week that it approved the sale of San Miguel common shares and the issuance of convertible bonds.

The fund-raising comes as the food-to-power giant moves to step up its presence in the infrastructure and mobile networks in time for upcoming government auctions of contracts and the merger of two telecommunication rivals, the officials said.